Abucoins Cryptocurrency Exchange Review (2020)

BitBay Cryptocurrency Exchange Review (2020)
Cfinex Cryptocurrency Exchange Review (2020)
DECOIN.io Cryptocurrency Exchange Review (2020)


Advantages

Transparent pricing, competitive fees

Trading at AbuCoins is relatively low-cost. Market makers are not charged, while market takers have to pay a certain fee per trade (0.10%), which is in line with the industry’s average. 

Also, deposits are free of charge, as well as withdrawals in Polish Zloty, which is great. Withdrawals in other fiat currencies or cryptocurrencies are charged with some small fees, which are accurately specified on AbuCoins’ website.

Many coins available for trade

AbuCoins offers decent amount of altcoins for trade, including ETH, LTC, BCH, BTG, DASH, ZEC, XMR, REP, HSR, LSK, WAVES, XLM, DOGE, STRAT, CNT, BLOCK and PIVX. Currently, there are around 30 pairs available at the exchange.

Good platform with advanced charting

AbuCoins’ platform offers a basic and an advanced interface. The latter can be switched on by a slider button in the right upper corner. The advanced interfacefeatures price charts from TradingView, as well as a number of technical analysis tools. The platform also features an order book, market depth and trading historywindow.

Disadvantages

Not regulated

Although this is not something out of the ordinary in the crypto-world, we have to mention that AbuCoins is not regulated. Most countries have not developed yet clear regulation and requirements regarding digital tokens and exchanges and Poland is no exception to that.

Traditional fiat currencies no longer supported

AbuCoin used to work with several “traditional” fiat currencies (PLN, USD, EUR) and supported convenient payment methods. such as bank transfer and credit card payments. However, this service is discontinued as of mid March, 2018 after the Polish Financial Supervision Authority (KNF) has issued a warnings against the exchange.

So, users of AbuCoins can no longer buy cryptocurrencies directly with cash, or cash out their coins.

No margin trading

AbuCoins works like a traditional exchange bureau and does not offer leveraged trading. As we mostly review forex brokerages, we are used to them offering margin trading. Most crypto-exchanges, however, don’t do that, probably due to the more volatile nature of digital tokens. If you need some leverage, you can check out exchanges like bitFlyer, Lykke, or Kraken. Of course, forex brokers are also an option, as many of them offer trading in Bitcoin CFDs. 

No info about storage of clients’ funds

The website of AbuCoins does not provide much information about the protection levels of client assets and it is not clear whether it keeps them in cold storage.

COMMENTS

WORDPRESS: 0